i am canadian, but

[kennyboy 0]

Maxima. Governments are motivated by money. You think the reason they won't want to disallow online poker in the US is because of moral issues? No, it's because they can't tax it.The Cdn gov't doesn't have that issue.Nor do we have, despite our newly elected Conservative government, a government that rushes into hastily drafted legislation (ie. Patriot Act) that wouldn't either take away our right to vote, or be detrimental to the average Canadian's online poker usage.And since when is the average person's voice heard. haha.Protests are allowed, especially since they don't work!

[DrawingDeadInDM 0]

ive had hemrhoids cut out that were more enjoyable than this thread.

[nritchi3 0]

With the recent legislation of prohibiting online poker in the USA it has me a little concerned that they are going to take away the income of many good people. Naturally the Canadian goverment will follow.Canadians aren't taxed on their gambling winnings.You're an idiot.

Actually your really the idiot here first of all her meant that if the us banned online poker so would canada which would prevent poker players from making money. Second of all poker winnings are taxable in canada if there is a resonable expectation of profit. Therefore if you are a consistnent winner you are supposed to pay taxes on your winnings.

Actually' date=' as long as it isn't your sole source of income (you have another job), you don't have to pay tax. However, they are looking to change that I think.[/quote']If this is true thats great however im fairly confident there was someone on here who is a tax accountant and he said if its a steady source of income you have to pay taxes on it. What kind of qualifications do you have to make this statment out of curiousity.

[blueodum 0]

Actually nritchie is right. The criteria is "reasonable expectation of profit". It doesn't have to be your only, or even your main, source of income. If you apply skill and knowledge to gain an edge then all your profits (and losses) should be recorded for tax purposes.No one's been brought to court yet, but if you make 6 figures a year from poker you're a good candidate to be made an example of by Revenue Canada in the near future.

[RodReynolds 90]

Ok, time for a prediction! I predict the following: Jamie Gold of Malibu, California, is going to win this years Main Event. The reason I know is that I have access to a time machine! The kind that travels both forwards and backwards in time? Yes, that kind! I've been to the future, and have returned just this morning and I promise this will happen. Or my name isn't Rod Reynolds. Also, JoeyJoJo, a future poster here at FCP, is going to contract rabies. On Dec. 5, 2006. It's so true!

[Vertigo 0]

With the recent legislation of prohibiting online poker in the USA it has me a little concerned that they are going to take away the income of many good people. Naturally the Canadian goverment will follow.Canadians aren't taxed on their gambling winnings.You're an idiot.

Actually your really the idiot here first of all her meant that if the us banned online poker so would canada which would prevent poker players from making money. Second of all poker winnings are taxable in canada if there is a resonable expectation of profit. Therefore if you are a consistnent winner you are supposed to pay taxes on your winnings.

Actually' date=' as long as it isn't your sole source of income (you have another job), you don't have to pay tax. However, they are looking to change that I think.[/quote']If this is true thats great however im fairly confident there was someone on here who is a tax accountant and he said if its a steady source of income you have to pay taxes on it. What kind of qualifications do you have to make this statment out of curiousity.

I have no qualifications to make this statement. However, a buddy of mine who is an accountant told me this, who has several friends who play online professionally, including one who makes approx. 10K/month. He is apparently not taxed. If you say I am wrong, I won't argue. It's just that I tried to argue with my buddy and he said for sure. So I dunno...

[woopdidydoo 0]

In Canada - if youre playing online and youre making money, its easy to trace if youre making as much money as everyone on this forum does.Then a level of expected profits can be measured.If youre playing at a casino, at this point there is no tracking system whatsover except youre first name and last initial you give them when call in for a table.So if you went on a run in the big game and made 500,000 in 6 months and cashed out every time before you reached 10,000,the only information the casino has on you is the name you give when you reserve a table.The government doesn't tax gambling winnings in Canada.So to the original poster, settle down.We know youre making a huge run and are just worried about what your tax bill will be.idiot...

[woopdidydoo 0]

In Canada - if youre playing online and youre making money, its easy to trace if youre making as much money as everyone on this forum does.Then a level of expected profits can be measured.If youre playing at a casino, at this point there is no tracking system whatsover except your first name and last initial you give them when call in for a table.So if you went on a run in the big game and made 500,000 in 6 months and cashed out every time before you reached 10,000,the only information the casino has on you is the name you give when you reserve a table.The government doesn't tax gambling winnings in Canada.So to the original poster, settle down.We know youre making a huge run and are just worried about what your tax bill will be.idiot...

[JoeyJoJo 18]

Ok, time for a prediction! I predict the following: Jamie Gold of Malibu, California, is going to win this years Main Event. The reason I know is that I have access to a time machine! The kind that travels both forwards and backwards in time? Yes, that kind! I've been to the future, and have returned just this morning and I promise this will happen. Or my name isn't Rod Reynolds. Also, JoeyJoJo, a future poster here at FCP, is going to contract rabies. On Dec. 5, 2006. It's so true!

In your face RodReynolds!No rabies for this guy!

[Balloon guy 158]

In your face RodReynolds!No rabies for this guy!

Did you get checked? Or is this a guess?

[Actuary 3]

lol.I've always thought about playing that joke but I figured it would be lame.I hope it doesn't catch on.

[fleung22 1]

As the Canadian consulate's leader on FCP I feel a need to speak.JoeyJoJo is one of my favourite new avatar names in the last 5 months.That is all.

[troyomac 0]

oh.

[pocktdeuces 0]

How the hell did rod reynolds know jamie gold would win the WSOP? wtf am i missing here?

i have no idea. thats absolutely amazing. he must be a friggin genius!

[JoeyJoJo 18]

i have no idea. thats absolutely amazing. he must be a friggin genius!

Maybe a half genius.

[RodReynolds 90]

In your face RodReynolds!No rabies for this guy!

You're seeming a bit on edge lately. It doesn't seem like the JoeyJoJo I know.

Once infection occurs, the rabies virus grows in muscle tissue and may go undetected for several days or months. During this incubation (or latent) period, the animal appears healthy and shows no sign of infection. Usually within 1 to 3 months, the virus migrates to the nerves near the site of the infection and spreads to the spinal cord and brain (i.e., the central nervous system). It usually takes from 12 to 180 days to spread through the peripheral nerves to the central nervous system.

The first sign usually is a change in behavior. Pet owners should be aware that behavioral changes can occur as a result of many conditions, from digestive disorders to poisoning.

[JoeyJoJo 18]

You're seeming a bit on edge lately. It doesn't seem like the JoeyJoJo I know.

It was a nice raccoon! He barely broke the skin at all!

[pokerfan1080 0]

Gambling Profits10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination:a. the degree of organization that is present in the pursuit of this activity by the taxpayer,b. the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,c. the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, andd. the extent of the taxpayer's gambling activities, including the number and frequency of bets.It is clear from various decisions of the courts that earnings from illegal operations or illicit businesses, such as illegal gambling and fraudulent business schemes, are not exempt from tax. (See for example, the decisions in The Queen v. Poynton, (1972) CTC 411, 72 DTC 6329 (Ont. C.A.) and MNR v. Eldridge, (1964) CTC 545, 64 DTC 5338 (Ex. Ct.).) Hobbies11. In order for any activity or pursuit to be regarded as a source of income, there must be a reasonable expectation of profit. Where such an expectation does not exist (as is the case with most hobbies), neither amounts received nor expenses incurred are included in the income computation for tax purposes and any excess of expenses over receipts is a personal or living expense, the deduction of which is denied by paragraph 18(1)(h). On the other hand, if the hobby or pastime results in receipts of revenue in excess of expenses, that fact is a strong indication that the hobby is a venture with an expectation of profit; if so, the net income may be taxable as income from a business. The current version of IT-504, Visual Artists and Writers, discusses the concept of "a reasonable expectation of profit" in greater detail. Where a hobby consists of collecting personal-use property or listed personal property, dispositions should be accounted for as described in the current version of IT-332, Personal-Use Property.SourceLooks to me like any profits from poker are taxable in Canada. But, I'm not a lawyer, interpretation is yours.....

[CrazyJoe 0]

Gambling Profits10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination:a. the degree of organization that is present in the pursuit of this activity by the taxpayer,b. the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance,c. the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, andd. the extent of the taxpayer's gambling activities, including the number and frequency of bets.It is clear from various decisions of the courts that earnings from illegal operations or illicit businesses, such as illegal gambling and fraudulent business schemes, are not exempt from tax. (See for example, the decisions in The Queen v. Poynton, (1972) CTC 411, 72 DTC 6329 (Ont. C.A.) and MNR v. Eldridge, (1964) CTC 545, 64 DTC 5338 (Ex. Ct.).) Hobbies11. In order for any activity or pursuit to be regarded as a source of income, there must be a reasonable expectation of profit. Where such an expectation does not exist (as is the case with most hobbies), neither amounts received nor expenses incurred are included in the income computation for tax purposes and any excess of expenses over receipts is a personal or living expense, the deduction of which is denied by paragraph 18(1)(h). On the other hand, if the hobby or pastime results in receipts of revenue in excess of expenses, that fact is a strong indication that the hobby is a venture with an expectation of profit; if so, the net income may be taxable as income from a business. The current version of IT-504, Visual Artists and Writers, discusses the concept of "a reasonable expectation of profit" in greater detail. Where a hobby consists of collecting personal-use property or listed personal property, dispositions should be accounted for as described in the current version of IT-332, Personal-Use Property.SourceLooks to me like any profits from poker are taxable in Canada. But, I'm not a lawyer, interpretation is yours.....

not any profits, you can be taxed on it if you are a pro, if you are a casual player who makes a big score, you are ok.